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Federal Funding Briefing, May 2024

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JAMESON-SELECTED NEWS, STORIES & INSIGHTS

In this Federal Funding Briefing, we re-cap some of the news we shared in May, including lessons learned from government audit findings, meaningful opportunities for SBIR/STTR grantees and contractors, possible budget increases or at least requests, and more.

Government Audits Lead To Findings Lead To…

The OIG performed a series of audits on higher ed recipients of NIH funding, including New York Medical College. Findings included issues with policies and procedures, improper time and effort certification reports, unallowable expenses, and issues with FCOI requirements.  Read the overview or check out the full report, which offers a detailed and valuable look into government audits and compliance.

The Single Audit Act of 1984 required that grants issued by the federal government would be audited. Each year, grantees submit the results of this audit, which is uploaded to the Federal Audit Clearinghouse.  When the GAO took a thorough look at the process and data base, they found serious red flags, like the system could make it difficult for agencies to know whether grant spending was proper. For full details —and next steps—read the article.

Additional Support And Funding For R&D—And SBIR/STTR Grantees

We shared a number of funding and resource opportunities in May. Here are some highlights:

TABA:  Technical and Business Assistance funding helps small businesses with NIH Phase I and/or Phase II awards identify and address product development issues for greater success.  For details on this program, funding amounts, and how to apply, visit the TABA site.

Bridge Funds:  What do you do when your grant is expiring with no replacement funds in sight?  Nature.com has some advice, including exploring bridge funds, getting extensions on unspent grant funds, applying for multiple grants, or if you’re in a university and your innovation is ready, talking with the commercialization office. Read the article.

Form 6765: The Federal government has set aside $20B to support independent R&D in 2024. This tax credit (IRS Form 6765) rewards  US companies for developing new or improved processes. To learn if you’re eligible, how to identify qualifying activities, and how to claim the R&D tax credits, read the article.

NIH SEED Office: Formed to help startups leverage government’s funding programs, the SEED Office is congressionally mandated to spend its annual funding of $1.3B on SBIR and STTR programs  Learn how these programs work, what they can and can’t fund, and more. Read the article.

Federal Budgets. Federal Funding.

A bipartisan group of senators released a blueprint for AI policy, including a surge in funding for non-defense AI R&D  programs. This funding would use emergency appropriations to “fill the gap between current spending levels and the NSCAI-recommended level.” For details on priority programs, classification categories, international strategies, and more, read the article. 

The DOE’s FY 2025 budget suggests the department has a greater focus on growing the pool of future scientists, with several offices requesting increases in program direction funding.  For an overview of this issue and specific budget requests per office, read the article. 

Two Ways to Get Educated On Government Award Accounting

  1. The SBIR/STTR Spring Innovation Conference is June 17-19, 2024 in Washington D.C. Don’t miss the full day SBIR/STTR Innovator Workshop on Wednesday, June 19th. Register today.
  2. If you can’t make it D.C.,  join Ed Jameson on Thursday, June 25th, 1-2 PM ET for a webinar on how to set up your books for FAR and SBIR compliance, monitor and manage your indirect cost rate, and survive a government audit. Register for “Understanding the Financial Strings Attached to Your Government Funding Award.” 

For daily insights on  federal funding and government award accounting, follow us on X and LinkedIn.

 

Ed Jameson, CPA, Managing Partner

I’ve been in practice for over 40 years helping our small business clients procure, manage, and survive audits on more than $6 billion in federal government contract and grant funding. We’ve been featured presenters and panel moderators at Tech Connect’s National SBIR/STTR conferences since 2010, and I’ve presented at the DOD’s Mentor Protégé Summit and present regularly for several state and local organizations.

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